SM stock dropped since news about EXO Baekhyun, Chen and Xiumin contract issues

Baekhyun, Xiumin, and Chen delivered their official statement on June 1 through their legal representative and lawyer Lee Jae Hak from law firm LIN, announcing that they informed SM regarding the termination of their existing exclusive contracts as of June 1.news outlet Ilgan Sports reported that SM Entertainment recently filed legal documents against Big Planet Made. SM Entertainment admits that Big Planet Made is trying to influence their artists.

A representative from SM Entertainment said, "It is true that SM Entertainment has sent legal documents to Big Planet Made."

It seems that SM Entertainment is suspicious of Big Planet Made after producer MC Mong, who also serves as the executive director of the agency, had a meeting with 3 EXO members, namely Chen, Baekhyun and Xiumin some time ago.

According to a Yonhap News report, the members also had asked for a full accounting of their activities and the revenue produced from it since March, but SM Entertainment has yet to provide them. fulfilled. The legal representative also added that SM Entertainment failed to be transparent in revealing the records that displayed the profits that they earned through the artist. Lee Jae-hak noted that this was a fundamental right of an artist.

Lee Jae-hak said that SM Entertainment signed "long-term contracts" of nearly 12 to 13 years with artists. The representative added that as this period wasn't enough, the agency had artists sign a follow-up exclusive contract as well.

The statement put forth by the EXO members' legal representative revealed that the agency has currently been forcing its artists to sign contracts that demand a tie of 17 to 18 years.

Currently m SM stock is going down since the news of contracts nullification arise.

Following EXO’s Baekhyun, Xiumin, and Chen’s notice to SM Entertainment in regards to terminating their exclusive contracts, Sports Seoul reported that the filming for EXO’s music video scheduled for June 2 would be tentatively postponed. They further reported that there is already a music video that has finished filming.